WASHINGTON (Reuters) – U.S. consumers cut spending by the most on record for the second straight month in April while boosting savings to an all-time high, and the growing frugality reinforced expectations the economy could take years to recover from the COVID-19 pandemic. The report from the Commerce Department on Friday also showed an economy highly reliant on the government, […]

TOKYO (REUTERS) – Japan’s economy slipped into recession for the first time in 4-1/2 years, GDP data showed on Monday (May 18), putting the nation on course for its deepest postwar slump as the coronavirus crisis takes a heavy toll on businesses and consumers. The world’s third-largest economy shrank for the second consecutive quarter in the three months to March, […]

WASHINGTON (Reuters) – The U.S.-China trade deal reached in January is absolutely not falling apart and the two countries are still working on trade, White House adviser Larry Kudlow said on Friday. Kudlow told reporters at the White House the trade deal “is continuing,” a day after President Donald Trump suggested he could cut ties with the world’s second-largest economy. […]

(Updates with additional context) SANTIAGO, May 7 (Reuters) – Chile posted a trade surplus of $1.219 billion in April, the central bank reported Thursday, as both imports and exports from the top copper producer dropped off sharply amid the coronavirus pandemic. The ballooning trade surplus was largely driven by a plunge in imports, which fell nearly a quarter to $4.135 […]

(Adds background on scope of dispute, paragraph 11) By David Lawder WASHINGTON, May 6 (Reuters) – The United States told the World Trade Organization on Wednesday there was “no valid basis” for the European Union to retaliate against U.S. goods since it has fully complied with WTO findings that Washington state’s now-repealed tax breaks for Boeing were illegal. The formal […]

BEIJING (Reuters) – Recent strains in the relationship between the United States and China make it especially important to establish a policy of ‘competitive neutrality’ the American Chamber of Commerce in China said on Thursday. The chamber, long considered a steadying hand in a relationship fraught with geopolitical tension, has advocated a harder line on China’s trade practices and investment […]

WASHINGTON, April 24 (Reuters) – U.S. Trade Representative Robert Lighthizer on Friday said he has notified Congress that the new U.S.-Mexico-Canada trade agreement will enter into force on July 1, a month later than initially proposed. In a statement, Lighthizer said both Mexico and Canada had taken measures necessary to comply with their commitments under the USMCA, which replaces the […]

SEOUL (REUTERS) – South Korean exports for the first 10 days of April tumbled as the coronavirus health crisis upended global supply chains and knocked demand. Asia’s fourth-largest economy is considered a bellwether for world trade and is the first major exporting nation to release monthly trade data. Exports for the first 10 days of the month dived 18.6 per […]

BEIJING (BLOOMBERG) – The contraction in China’s foreign trade is set to continue through the second quarter, as global demand remains depressed by measures to curb the ongoing coronavirus outbreak. Both exports and imports are forecast to have slumped 10 per cent or more in March, with data due on Tuesday (April 14) expected to show a continuation of the […]

SINGAPORE – Singapore will work closely with six other countries to identify and address trade disruptions by the coronavirus pandemic that could affect the flow of essential goods. In a joint ministerial statement issued on Wednesday (March 25) the countries – including Australia, Canada, Chile, New Zealand, Myanmar and Brunei – said they will ensure that trade lines remain open, […]